NDB introduces Digital Account Opening for its customers
National Development Bank PLC will become the first company in Sri Lanka to commence development of a Video Knowyour-customer (vKYC) as a part of the significant strides the bank has made in Sri Lanka's fast evolving digital landscape, it said in a media release this week.
The bank appointed international enterprise software solutions partner specialising in digital transformation, Axion Solutions, to implement worldclass vKYC solutions built by OneConnect Financial Technology Co Ltd (OneConnect), the leading technology-as-a-service platform provider.
With OneConnect’s vKYC, NDB Bank will be the first in Sri Lanka to roll out AI based vKYC enabling customers to access banking services such as opening bank accounts, and applying for loans and credit cards remotely and safely so that Sri Lankans can live their lives and run their businesses as usual amidst the COVID-19 pandemic.
Dimantha Seneviratne, Director/Group CEO of NDB Bank said that while digitisation has improved substantially during the recent past in Sri Lanka’s banking industry, NDB has continued to remain at the forefront, constantly introducing novel methods to the bank’s clients. “With this engagement we are taking steps to align with the National Roadmap for Digitalisation of Payment Services by enabling e-KYC and video KYC based customer onboarding. As the Best Digital Bank of 2021 we are frequently at the forefront of technological changes and are involved in exploring, investing in and developing the digital arena in banking and have dedicated ourselves to become Sri Lanka’s Digital Bank of Choice.”
NDB said this is the first time a Sri Lankan bank is able to leverage the best-in-class features to engage customers remotely, securely and efficiently. OneConnect’s vKYC platform goes beyond traditional video conferencing platform and is designed to meet the stringent requirements of the banking and insurance sector.
Sharada Kirinde, Co-founder and CEO of Axion Solutions said: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka local with world-class solution providers like OneConnect.”
Ms. Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, said, “Today’s event is very meaningful for OneConnect on multiple fronts. It marks our second collaboration in Sri Lanka and our capabilities in understanding the stringent FI requirements and building innovative vKYC solutions within a short span of time.”